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Posted 07 April, 2023

Pear Therapeutics, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:PEAR in a 8-K filed on 07 April, 2023.


  Effective April 6, 2023, in anticipation of the filing of the Chapter 11 Cases discussed in Item 1.03 above, Corey McCann, M.D., Ph.D. stepped down as the Company's Chief Executive Officer and President.  

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Overview of Pear Therapeutics, Inc.
Technology • Software
Pear Therapeutics, Inc. is a commercial-stage healthcare company pioneering a new class of software-based medicines, sometimes referred to as Prescription Digital Therapeutics (PDT), which use software to treat diseases directly. The firm aims to redefine medicine by discovering, developing, and delivering clinically validated software-based therapeutics to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers. It has a pipeline of products and product candidates across therapeutic areas, including the first three PDTs with disease treatment claims from the FDA. The company’s lead product, reSET, for the treatment of substance use disorder, was the first PDT to receive marketing authorization from the FDA to treat disease. Its second product, reSET-O, for the treatment of opioid use disorder, was the first PDT to receive Breakthrough Designation. Pear's third product, Somryst for the treatment of chronic insomnia, was the first PDT submitted through the FDA's traditional 510(k) pathway while simultaneously reviewed through the FDA's Software Precertification Pilot Program. The company was founded on December 1, 2020 and is headquartered in Boston, MA.
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective April 6, 2023, in anticipation of the filing of the Chapter 11 Cases discussed in Item 1.03 above, Corey McCann, M.D., Ph.D. stepped down as the Company's Chief Executive Officer and President. Christopher D.T. Guiffre, J.D., M.B.A., the Company's Chief Operating Officer, and Chief Financial Officer will serve as the Company's principal executive officer following the departure of Dr. McCann. Biographical information for Mr. Guiffre can be found in the Company's 2022 Definitive Proxy Statement filed with the SEC on May 2, 2022 under the heading "Our Management," which is incorporated into this Item 5.02 by reference.

Dr. McCann will continue to serve as a member of the Board and will provide consulting services to the Company during the section 363 sale process. He will be compensated at a rate of $255 per hour for up to 30 hours per week.

In addition, on April 5, 2023, the Board terminated its Severance and Change in Control Plan and, in connection with the restructuring described in Item 2.05 above, approved limited severance in the form of lump sum cash payments equal to two weeks of base salary for all departing employees, including Dr. McCann.